Interim Management Statement

Interim Management Statement - Blue Planet Financials Growth & Income
Investment Trusts (Nos 1 - 10) plc

Quarter Ended the 31st December 2011

Fund Manager's Review

In December our NAV fell 1.7% to 52.2 per share. The benchmark index returned
3.5%. The Fund underperformed the benchmark due to a reversal in equity markets
halfway through the month. The share price fell 7.1% to 26p. Over the last
three months the NAV has fallen 5.4% while the benchmark has risen 6%.

The ubiquitous and worsening debt crisis in the developed world set 2011 to be
one of the most profitable years on record for capital preserving assets such
as UK and US government securities. UK and US government bonds posted returns
of 16.7% and 9.9% respectively. Inflationary pressures which began to fade in
2011 should ease further amid weakening global growth prospects, placing a
floor under such "safe haven" securities. In turn, a good portion of our cash
is being put to use in similar income securities, which should help the Fund
navigate the upcoming year's erratic economic signals.

After being in red territory for most of the month, financial markets posted a
rally which more than pared earlier losses. A credit salvo of nearly EUR500
billion provided by the European Central Bank (ECB) to over 500 banks averted
an imminent funding crisis; even after stern declaration by the ECB that it
would not engage in "quantitative easing". This move was enacted with the
primary aim to avoid an imminent banking collapse via provision of a gargantuan
and unprecedented liquidity injection. A second round objective was to support
PIIGS nation debt using banks as a conduit to lower funding costs in economies
like Italy or Spain, which in turn immediately proved to be profit accretive
for banks.

With the year coming to a close, tougher austerity could choke Europe into a
mild recession next year, as Asian economies also struggle to convince markets
that they will remain relatively immune to weakening conditions in the
whimpering 27 nation economy. Amid the gloom, the US has been a beacon of hope
as better than expected employment figures, if sustained, look to boost
corporate profits. With more than fifty percent of Americans now having a
mortgage worth more than their house, time will tell if the labour market
improvements hold.

Global risk aversion may remain elevated in 2012 as sovereign and banking
solvency risks remain high on the list of concerns. As political agendas in the
US and France play a larger role in 2012, with the immediate interests of the
banking system prevailing, the longer run interests of the economy will play
second fiddle. Amidst all this noise, consumers could find it increasingly
difficult to regain confidence in the economy, deferring risk taking and thus
further delaying a solid private sector recovery.

Cumulative Performance (%) as of 31st December 2011

                Current  1 month  3 months 6 months  1 year  3 years  5 years 
                  (p)                                                         
                                                                              
     NAV           52.20    -1.7%    -5.4%   -25.9%   -35.7%   -43.4%   -84.0%
                                                                              
Share Price -      26.00    -7.1%    -7.1%   -45.3%   -55.2%   -38.7%   -87.3%
 Total Return                                                                 
                                                                              
 Benchmark -       58.66     3.5%     6.0%   -16.2%   -17.7%    16.5%   -26.8%
 Total Return                                                                 
                                                                              
 Discount / +      -50.2    -47.3    -49.3    -32.5    -28.6    -51.7    -34.1
 Premium (%)                                                                  

Discrete Annual Performance (%) as of 31st December 2011

                                  Share price                 Benchmark        
                                                                               
      4Q/10 - 4Q/11                  -55.2%                    -17.7%          
                                                                               
      4Q/09 - 4Q/10                  -25.6%                     8.9%           
                                                                               
      4Q/08 - 4Q/09                  84.0%                      29.9%          
                                                                               
      4Q/07 - 4Q/08                  -76.7%                    -36.8%          
                                                                               
      4Q/06 - 4Q/07                  -11.0%                     -0.6%          

Source: Blue Planet, share price bid to bid, net income reinvested

Portfolio Information as of 31st December 2011

              Security       Security        Country     Valuation    Weighting 
                Type           Name                          £            %     
                                                                                
8,170          Equity    iShares Markit      Ireland         894,452         5.5
                         iBoxx £CB XF                                          
                                                                                
66,390         Equity    Blackrock           Ireland         715,000         4.4
                         Gilttrak Fund                                          
                                                                                
6,110          Equity    iShare JPM $ Emg    Ireland         426,661         2.6
                         Mkt Bond Fund                                          
                                                                                
12,200         Equity    Lyxor ETF XBear      Italy          422,723         2.6
                         FTSE MIB                                               
                                                                                
52,540         Equity    iShares FTSE UK     Ireland         354,382         2.2
                         Dividend Plus                                          
                                                                                
7,360          Equity    Lyxor ETF XBear      France         264,707         1.6
                         CAC 40                                                 
                                                                                
990,500        Equity    Blue Planet            UK           247,625         1.5
                         Worldwide                                              
                         Financials                                               
                                                                                
9,310          Equity    iShare S&P U.S.        US           213,405         1.3
                         Pref Stk Indx                                          
                                                                                
1,570          Equity    iShares Markit      Ireland         186,595         1.2
                         iBoxx £CR BD                                          
                                                                                
439,830        Equity    Other                Other          104,175         0.8
                                                                                
                                                           3,829,725        23.7
                                                                                
710,000         Bond      ASIF III Jersey     Jersey         704,782         4.4
                           5.375% 10/16                                         
                                                                                
500,000         Bond      Close Bros Grp        UK           499,400         3.1
                            6.5% 02/17                                          
                                                                                
460,000         Bond     NAB 3.625% 11/17   Australia        458,464         2.8
                                                                                
356,470         Bond     UK TSY 4.25% 12/       UK           438,030         2.7
                                40                                              
                                                                                
250,000         Bond        Swiss Re Co    Switzerland       193,818         1.2
                           6.3024% 03/49                                        
                                                                                
                                                           2,294,494        14.2
                                                                                
              Security         Cash        Denomination  Valuation    Weighting 
                Type       Security Name                     £            %     
                                                                                
               Liquid    Near Cash Assets      GBP           800,000         5.0
               Assets                                                           
                                                                                
               Liquid          Cash            GBP         9,203,681        57.1
               Assets                                                           
                                                                                
               Liquid          Cash           Other                0         0.0
               Assets                        Currency                           
                                                                                
                                                          10,003,681        62.1
                                                                                
                                                          16,127,900       100.0

For more information, please visit www.blueplanet.eu

You can also contact the Company on 0845 527 7588 or by emailing
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